Cryptocoin - Bitcoin has had a weak outlook for the past few days. Touching $ 9,800 on Monday, Bitcoin fell to $ 8,950. There are still technical signals that a bullish trend will soon emerge.
A signal seen at the beginning of the crypto rally last March is about to reappear. This seems to be good for a bull to experience after the bearish signal.
Despite Fear of Withdrawal in Bitcoin, Some Bull Signs Flash
The stochastic relative force index (Stoch RSI) has long been a leading signal in technical analysis. As Investopedia explains, Stoch RSI "gives investors an idea of whether the current RSI value is overbought or oversold."
The indicator takes a fairly accurate approach to estimating Bitcoin's price movement in the past few years. The one-week Stoch RSI fell only a week or two after the $ 14,000 peak in 2019, and predicted a subsequent 60% crash.
The same indicator showed an upward trend in December, targeting the $ 10,500 level before the nearly 40% rally.
An analyst now observed that the 12-hour, one-day, two-day, and three-day Stoch RSI are on the rise.
“The indicators of 12 hours 1 day, 2 days and 3 days point to over-selling. If the sales situation is high monthly, the price seems to return. ”
The three-day Stoch RSI is particularly important as it is a cross that occurred in the days after the collapse of March, when there was a decline to $ 3700. Another of these crosses is about to happen.
In addition to the bull incident, the same analyst shared the chart below.
Indicates that Bitcoin potentially creates a Wyckoff Redemption instead of a Wyckoff Distribution. Playing the Wyckoff Re-Accumulation scenario, BTC will mean that the cryptocurrency is about to enter another bullish trend. It will likely move BTC to $ 12,000 and beyond, taking into account the consolidation rates in recent weeks.
Not a Single Bull
Let us point out that the analyst who shares the above charts is not alone in what he says. There is a gathering of other firms and analysts that are on the rise in the leading cryptocurrency.
Bloomberg’s senior commodity analyst, Mike McGlone, recently released a report on Bitcoin.
In this report, analyst says "something must go wrong" so that the leading cryptocurrency does not appreciate. McGlone doubled his optimism in a recent tweet posted on June 26. He said that BTC acted like a "cage bull" that exploded for almost $ 13,000 in the coming weeks.